Allianz Global Corporate & Specialty (AGCS) sponsored the Commercial Risk Europe Emerging Risk Seminar at the Grange City hotel in London. An audience of over 150 Risk Managers gathered to hear the latest news and developments.
There is a growing awareness of emerging risks (e.g. cyber risks) among risk managers, as proved by the fact that it was highlighted as one of the major challenges in the recent AGCS Risk Pulse survey. The speakers revealed there is currently an imbalance between the supply from insurers and the demands of insured's in what is still an immature market.
Allianz speakers included Richard Hewitt (Allianz Group Strategist) who talked on the Global Economic Outlook and Michael Bruch (Head of R&D AGCS Centre) on Power Blackout Risks. Richard works in the Economic Research team of Allianz's holding company and specialises in analysing long-term industry trends and issues. He shared his views on topics ranging from the Euro debt crisis to the current state of the world’s emerging markets. During his presentation, Michael showed a clip of what might happen after a black-out scenario: chaos on the streets resulting in looting and casualties. Attendees found this session thought provoking as this is low on everyone’s radar compared to other emerging risks.
It was revealed during the day that there are areas where big gaps in coverage remain, such as cyber terrorism and cyber warfare where clear definitions do not yet exist. There is also a lack of standard wordings among all (cyber-related) policies and different products for the same risks can vary. Companies have to make more accurate and effective assessments of the information they hold and how it should be treated.
Risk managers should focus on improving board level understanding of emerging risks in general and participate in information sharing initiatives where possible.
To download the Emerging Risks 2012 report click here
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